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Home My WebLink AboutRDA MINUTES 01-17-94 RDA MINUTES ]-17-94 MINUTES REGULAR MEETING OF THE TUBTIN COMMUNITY REDEVELOPMENT AGENCY CITY OF TUBTIN, CALIFORNIA JANU~Y 3, 1994 1. CALL TO ORDER The meeting was called to order by Chairperson Potts at 8:37 p.m. at the Council Chambers, 300 Centennial Way, Tustin, California. 2. ROLL CALL Members Present: Jim Potts, Chairperson Thomas R. Saltarelli, Chairperson Pro Tem Leslie Anne Pontious Charles E. Puckett Jeffery M. Thomas Members Absent: None Recording Secretary: Mary E. Wynn Others Present: William A. Huston, Exec. Dir./City Manager James G. Rourke, City Attorney Christine Shingleton, Asst. Executive Director Fred Wakefield, Police Captain Robert Ledendecker, Director of Public Works Ronald A. Nault, Finance Director Rick Brown, Building Official Rick Zimmer, Redevelopment Program Manager Dan Fox, Senior Planner Dana Ogdon, Senior Planner Robert Ruhl, Field Services Manager Susan Jones, Recreation Superintendent Sara Pashalides, Associate Planner Scott Reekstin, Assistant Planner Valerie Whiteman, Chief Deputy City Clerk Approximately 15 in the audience APPROVAL OF MINUTES - DECEMBER 6, 1993 REGULAR MEETING It was moved by Puckett, seconded by Thomas, to approve the Redevelopment Agency Minutes of December 6, 1993. Motion carried 5-0. 4. APPROVAL OF DEMANDS · It was moved by Puckett, seconded by Thomas, to approve Demands in the amount of $294,564.02. Motion carried 5-0. REFUNDING 1987 TOWN CENTER REDEVELOPMENT BONDS Ronald Nault, Director of Finance, reported that an analysis prepared by Bartle Wells and Associates indicated that the trend in declining interest rates had continued to the point that the Agency could realize a savings of $323,000.00 if the outstanding bonds were to be refunded. He stated that this was a standard refunding that should sell well in the open market. He explained that with an issuance schedule of 60-90 days and adding approximately 30 days to receive Request for Proposals (RFP) for REDEVELOPMENT AGENCY MINUTES Page 2, 1-3-94 6. Financial Advisors, the process would be completed by late May/early June 1994. Chairperson Pro Tem Saltarelli questioned whether the Agency could obtain an interest rate commitment prior to June 1994. Ronald Nault responded that in order to expedite the process he suggested the Agency authorize staff to select a Financial Advisor without a Request for Proposal, allowing the process to be initiated immediately. Agency Member.Pontious stated that a negotiated sale allowed staff the opportunity to expedite the process. William Huston, Executive Director, stated that a negotiated sale was the key to expedite the process. He stated that Agency approval for staff to retain a Financial Advisor would save approximately 30 days versus the formal RFP which would involve a 30-45 day process. He noted that no aspect of this process would be completed without Agency approval. It was moved by Puckett, seconded by Thomas, to authorize staff to proceed with the advance refunding of the 1987 Town Center Redevelopment Bonds and direct staff to solicit proposals for Financial Advisor services on a negotiated sale basis. Motion carried 5-0. AGREEMENT WITH CATELLUS DEVELOPMENT CORPORATION FOR PREPARATION AND PROCESSING OF A PROJECT STUDY REPORT FOR THE NEWPORT AVENUE/ SR-55 INTERCHANGE RECONFIGURATION PROJECT Christine Shingleton, Assistant Executive Director, reported that ~'due to the economic downturn, Catellus Development Corporation was unable to proceed with the Project Study Report. She stated the proposed agreement would allow the Agency to assume financial and contract administration responsibility for preparation and processing of the Project Study Report by Dokken Engineering for the Newport Avenue/SR-55 interchange reconfiguration. It was moved by Thomas, seConded by Pontious, to authorize the Executive Director and City Clerk to execute an agreement with Catellus Development Corporation for preparation and processing of a Project Study Report to Caltrans for the Newport Avenue/SR-55 Interchange Northbound Ramp Reconfiguration Project. Motion carried 5-0. 7. OTHER BUSINESS - None REDEVELOPMENT AGENCY MINUTES Page 3, 1-3-94 8. ADJOURNMENT Chairperson Pot, s adjourned the meeting at 8:47 p.m. The next regular meeting of the Redevelopment Agency was scheduled for Monday, January 17, 1994, 7:00 p.m., at the Council Chambers, 300- Centennial Way. JIM POTTS, CHAIRPERSON MARY E. WYNN, RECORDING SECRETARY